Construction tech company Levelset announces awards to the contractors that make on-time payments and treat their subcontractors and material suppliers fairly
NEW ORLEANS, July 1, 2020 /PRNewswire/ -- 20 large construction companies received a new type of award for paying their vendors quickly and avoiding payment disputes. These construction companies from the ENR 400 list were awarded the Excellence in Managing Payments award from Levelset, a technology company that focuses on getting construction companies paid.
Awards are given to contractors who meet criteria such a zero liens in a quarter, or numerous positive reviews from their vendors. Over 25,000 projects in 2020 led by the ENR 400 contractors were analyzed to determine these winners. The evaluation factors include a company's recent project volume, the number of documents exchanged to promote visibility (such as preliminary notices and lien waivers), any payment disputes (such as mechanics liens or bond claims), and a company's overall "payment score." Payment scores are calculated using payment data from more than a million construction projects since 2012. Awards are also based on the thousands of ratings and reviews that subs and suppliers submit every week to evaluate their experiences working with a GC.
These award-winning contractors can be identified by a virtual badge displayed on their Contractor Profiles. The badge recognizes the efforts each contractor puts into building fair relationships and making prompt payments to all their vendors.
The construction industry has long suffered from slow or incomplete payments, made worse by complex legal requirements, clunky paper document requirements, and poor communication. According to a recent industry survey taken by over 500 businesses, 80% of construction companies spend a substantial amount of time chasing payments. A majority of businesses are not paid according to invoice terms set forth in a contract.
"Managing a draw schedule and executing payments to so many stakeholders across multiple jobs is like juggling fire," said Scott Wolfe Jr., the CEO of Levelset. "These contractors represent the high watermark for excellent communication, collaboration and fairness in the industry. We believe they should be recognized and celebrated for these efforts."
This new award program is designed to elevate the construction companies who are doing their part to pay their vendors on time and without friction. The full list of winners includes:
Barr & Barr
Clancy & Theys Construction Company
Crowder Constructors Inc
Las Vegas Paving Corp.
Nibbi Brothers General Contractors
Stacy and Witbeck
T.A. Loving Company
The notable contractors winning this award have each worked on a significant number of jobs in the last 6 months with no mechanics lien claims on their projects.
Levelset's mission is to empower contractors to always get what they earn. Levelset's products help millions in the construction industry each year to make payment paperwork and compliance easier, get cash faster, monitor the risk on jobs and contractors, and better understand payment processes and rules. The results are faster payments, access to capital, and fewer surprises. Backed by investors like Horizons Ventures, S3 Ventures, Altos Ventures, Operating Venture Capital, and Brick & Mortar Ventures, Levelset is headquartered in New Orleans, Louisiana, with offices in Austin, Texas, and Cairo, Egypt, and has over 200 employees. Learn more at www.levelset.com.